Bitcoin Secures Support Of A Cryptography Advocacy Center

Bitcoin Secures Support Of A Cryptography Advocacy Center

The Bitcoin has faced a number of impediments to its acceptance in the general public. However, it recently gained the support of Coin Center, an organization under the leadership of a former Mercatus Center research fellow and law professor, Jerry Brito.

Coin Center is a non-profit research and advocacy center that undertakes public policy concerns about cryptocurrency technologies, according to Brito. The venture has the backing of numerous prominent figures including Marc Andreessen. Among the financial backers of the advocacy center are BitPay, Coinbase, itBit, RRE Ventures, Hudson River Trading and Union Square Ventures.

The initial annual budget of Coin Center is at $1 million. Brito said the mission of the non-profit organization is to increase the understanding of cryptocurrency technologies and encourage a regulatory climate that protects maximum freedom of action for innovations in digital currency. The center can do this through the publication of policy research from respected experts and academics, educating policymakers and media about the technology. It also aims to engage in advocacy to promote positive public policy.

Brito said the Bitcoin may become an essential part of the economy in the future. Although policymakers are taking into consideration the regulation of digital currency, it is essential for an organization to become a credible information source about the regulatory effects of technologies associated with cryptocurrency. Coin Center aims to become this credible and reliable source.

The Bitcoin industry is currently going through changes as regulators are taking into account possible legislation. Some places have banned the use of the virtual currency while others have limited its use. However, businesses and payment solutions have started to accommodate it.

The value of the virtual currency has dropped to $403 from its peak of over $1,050. The decline happened with the closure of Mt. Gox. But, a number of theories have linked the decline to the increasing Bitcoin mining in China, where the public have used the virtual currency to evade restrictions on foreign purchases by the Chinese government.